Amendment 3: Homestead Tax Exemptions, Property Assessments, and Spending Restrictions Amendment

Increase the homestead tax exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, with the amount indexed to inflation starting in 2029; provide that new residents receive a smaller exemption until they've lived in the state for five years; decrease the cap on how much the assessed value of non-homestead properties, such as rentals and commercial buildings, can increase each year from 10% to 5%, except for school district taxes; limit how counties and municipalities can spend property tax revenue on public safety, education, infrastructure, natural resource projects and flood control, local bonds, employee retirement benefits, and government operations; and other changes.